🔗IoTeX Overview

IoTeX

The IoTeX platform was built from scratch to support large-scale, decentralized IoT use cases. IoTeX is more than just a blockchain -- it is a full-stack platform to enable trusted data from trusted devices for use in trusted DApps. The IoTeX platform was architected by an award-winning team of cryptographers and research scientists that currently lead the world's premier technology and standards consortiums, including the IIC, IEEE, and CCC.

Although architecturally similar to Ethereum, IoTeX is not an "Ethereum killer". Rather, IoTeX will be the hub for decentralized IoT data/devices and collaborate with Ethereum and other Layer 1 platforms. The IoTeX platform employs a modular architecture consisting of various technological layers:

• Blockchain: EVM-compatible, Roll-DPoS consensus (5 sec blocks + instant finality), maintained by 60+ decentralized Delegates

• Decentralized Identity (DID): on-chain identity framework that enables users/devices to own their data, identity, and credentials

• Real World Data Oracles: convert real world phenomena into verifiable, blockchain-ready data for use in IoTeX DApps

• Secure Hardware: tamper-proof devices utilizing Trusted Execution Environment (TEE) that integrate seamlessly with IoTeX

IoTeX Blockchain

The IoTeX blockchain is decentralized, EVM-compatible, and lightning-fast, making it the perfect foundation for decentralized applications and products. Powered by our in-house Roll-DPoS consensus mechanism, the IoTeX blockchain is governed and maintained by 60+ Delegates for true decentralization. As the "root of trust" for the entire IoTeX Network, our blockchain is fully open-source and built-from-scratch to the highest technical standards. It is also one of the fastest blockchains in the industry (5-second blocks w/ instant finality) and has been running error-free since 2019.

The IoTeX blockchain is compatible with the Ethereum Virtual Machine (EVM), which allows developers to build/convert any Solidity-based smart contract on IoTeX. In June 2020, IoTeX launched Mainnet GA "Machina", our fully native blockchain that incorporates native staking (nsv2) and powered by the native IOTX token. In January 2021, the IoTeX blockchain surpassed 10 million transactions and now processes thousands of transactions every day.

The IoTeX blockchain utilizes Roll-DPoS consensus, a variant of Delegated Proof of Stake (DPoS) designed in-house to support the high scalability required for IoT use cases. Unlike traditional DPoS that utilizes a fixed number of Delegates (e.g., EOS has 21 block producers), Roll-DPoS randomly selects 24 of the top 36 community-voted Delegates to mine every hour, which greatly improves the decentralization and security of the IoTeX Network without sacrificing performance.

IoTeX Decentralized Identity

Decentralized Identity (DID) is a core component of the IoTeX platform, serving as the "root of self-sovereignty" for the entire network. Unlike other blockchain platforms that focus on DID for only people, IoTeX has developed a unique DID system for both people and devices. This means people and devices can transact directly with each other via IoTeX, as their identities are interoperable and standardized across the platform. Furthermore, IoTeX DID empowers users and devices to own/control their data and identity, and utilize them across the IoTeX network.

IoTeX's DID technology and accompanying Identity & Access Management (IAM) framework are now being standardized in enterprise technology consortiums, including the Industrial Internet Consortium (IIC). For global-scale IoT ecosystems that include diverse manufacturers, billions of IoT devices, and millions of users, IoTeX's DID + IAM framework can connect heterogeneous application silos and facilitate user-centric data sharing in a decentralized manner.

IoTeX Real World Data Oracles

For blockchains to reach their full potential, they need access to the world’s data. This is why oracles are crucial to make off-chain data available to on-chain smart contracts. Unlike conventional oracles that focus on data from centralized databases (e.g., crypto prices), IoTeX is building the world's first “real world data oracles” to unlock an entirely new data source for the blockchain industry: verifiable real world data from trusted devices. Our unique oracles are the first-of-its-kind and position IoTeX to be the de facto hub for real world data for the entire blockchain universe.

On-chain real world data will empower DeFIoT use cases and pave the way for new on-chain assets backed by real world data on IoTeX. Becoming an official hub for real world data also positions IoTeX to “serve” data to other blockchains like Ethereum and Polkadot in the future.

IoTeX Secure Hardware Layer (TEE)

IoTeX combines tamper-proof hardware and tamper-proof software (blockchain) to enable end-to-end trusted solutions. Secure hardware is tamper-proof as it incorporates trusted execution environments (TEEs), which are un-hackable and isolated enclaves that runs in parallel with the main system of a device/machine. A TEE ensures the confidentiality and integrity of all data and processes run within the TEE -- this method of computing is often termed confidential computing.

“If the main system is the White House, a TEE is the bunker underneath it.”

Devices today use TEE for highly sensitive processes; for example, mobile devices for FaceID/fingerprints and Ledger wallets for private key storage. When combined with blockchain, TEEs present a way for smart devices to hold their own DID + private key, verifiably sign/submit transactions, and interact peer-to-peer with other users and devices on the blockchain. IoTeX is pioneering this concept of blockchain + TEE in multiple form factors, including edge devices (e.g., Arm TrustZone) and confidential computing servers (e.g., Intel SGX), with the goal of empowering the first decentralized machines that can participate autonomously in the Internet of Trusted Things.